China-based SOS, which operates a US-based Bitcoin mine, plans to buy $50 million worth of Bitcoin.
Shares in the China-based financial services conglomerate SOS Ltd jumped over 40% after pledging to buy $50 million worth of Bitcoin — the latest in a string of firms to buy up the rallying cryptocurrency.
The company, which operates a Bitcoin (BTC) mining facility in Wisconsin, said on Nov. 27 that its board of directors approved the $50 million purchase as part of its “long-term belief in Bitcoin’s role as a store of value and a strategic asset.”
It plans to use “investing, trading and arbitrage strategies” with its Bitcoin buys to “maximize returns and mitigate market volatility.”
